1. Welfare analysis: Basic concepts Identify whether each of the following statements best illustrates the concept of consumer surplus, producer surplus, or neither. Consumer Producer Statement Surplus Surplus Neither I sold a jersey sweater for $34, even though I was willing to go as low as $24 in order to O O O sell it. Even though I was willing to pay up to $48 for a used textbook, I bought a used textbook O O O for only $39. I paid $40 for a used laptop last week. This week, the same store is selling laptops for $29. O O O